Dubai's Marina 101 now four years behind schedule
New deal reveals Dubai's second-tallest tower won't open until 2016
Marina 101, the residential building set to become Dubai's second-tallest tower, is now running four years behind schedule, according to a newly-filed document.
The company was initially scheduled to open the 427m-high tower in 2012, but after buying two of the building's three penthouse apartments at a substantial discount, Cayman Islands-registered Qannas Investments revealed that "the developer expects to reach completion in Q1 2016".
Work at the site had slowed considerably during the downturn as developer Sheffield Holdings struggled to find an operator for a large hospitality element of the site. After initially announcing a deal with Wyndham Group for a Dream Hotel property in 2013, founder Abu Ali Malik Shroff said the building would complete by the end of 2014.
However, that deal later fell apart and a new agreement for a Hard Rock Hotel was announced last year. In July 2014, Sheffield Holdings said the building was "80% complete".
Qannas Investments has paid $2.5m for the two 88th-floor penthouses, or around $1.25m each. It said this was a discount of 26.4% to the current sale price for unfinished units, or a 35.1% discount when compared to finished units of a similar size in Dubai Marina.
Marina 101 is being built by Turkish contractor TAV.